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There is increasing recognition of the relevance of materiality and risk to a wider scope of assurance engagements. Learn how to reduce the likelihood of not detecting material misstatements.
Materiality and Risk in Audit and Review Engagement shows you how to:
This course provides examples of industry- and firm-specific factors that may influence the materiality decision and identifies checklists and associated guidance for the determination of materiality and the assessment of risk.
Additional options and pricing may be available. See pricing and registration for more details.
Module 1: Materiality
• The role of materiality• The determination of materiality• Materiality and review engagements• Determination and documentation of materiality — An example• Review questions• Review solutions
Module 2: Audit risk and the risks of material misstatement
• Introduction• Audit risk• Risk and review engagements• Documentation of the assessment of audit risk• Assessing the risk of material misstatement• Review questions• Review solutions
Module 3: The auditor's responses to assessed risks
• At the financial statement level• At the assertion level for classes of transactions, account balances, and disclosures• Application to test of controls• Application to substantive testing• Interpretation of “low,” “moderate,” and “high”• Evaluating the sufficiency of audit evidence obtained• Detection risk and review engagements• Review questions• Review solutions
Illustration 1: Evaluating misstatements
Illustration 2: Evaluating misstatements – Adjustments
Appendix A: Canadian Hardware Sales Ltd. and select PPM forms
Appendix B: Select PPM forms
Member Development and Support
November 22, 2018
CPA Canada’s annual financial literacy conference is a must-attend for those who want to learn how to improve the financial health of Canadians.
October 1, 2018
The ONE is Canada’s must-attend, multi-track CPA event of the year. Stay at the top of your game with future-focused sessions, thought-provoking keynotes, prime networking opportunities and a first-class exhibition floor.
October 15, 2018
Stay up-to-date on critical indirect tax issues and network with other indirect tax professionals at Canada’s largest and longest-running indirect tax event.